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Acceleware Reports Results for the Three and Six Months ended June 30, 2017
Acceleware Reports Results for the Three and Six Months ended June 30, 2017 Canada...
About this update from Acceleware Ltd.
[{"type":"text","content":"\n\n\n\nAcceleware Reports Results for the Three and Six Months ended June 30, 2017\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nCALGARY, Aug. 17, 2017\n\n\n\nCALGARY, Aug. 17, 2017 /CNW/ - Acceleware® Ltd. (\"Acceleware\" or the \"Company\") (TSX-V: AXE), a leading developer of high performance seismic imaging applications and RF heating technology, today announced results for the three and six months ended June 30, 2017 (all figures are in Canadian dollars unless otherwise noted).\n\nDuring the three months ended June 30, 2017 (Q2 2017), Acceleware continued to invest in RF heating research and development. Activities included analysis of data from a 1/20 scale field test of critical components of the RF XL technology completed in March, 2017; simulations of various oil sands and heavy oil reservoirs using the Company's AxHeat software; filing one new patent application; and preparation of several additional potential patent applications.  The objectives of the 1/20 scale field test were to successfully heat a sand formation with parameters similar to an oil sands reservoir, to confirm the results predicted from Acceleware's AxHeat RF heating simulation software, and to prove innovative concepts around the transmission of RF energy from the RF generator down to the oil bearing formation. Management determined that the objectives were met, with other tests and analysis currently on-going. Acceleware sold the data and results of the field test to an oil sands producer in the three months ended March 31, 2017 (Q1 2017). While the Company's software and services business experienced a rebound in Q1 2017, it continued to face a challenging oil and gas market in Q2 2017, with decreased software product revenue compared to both Q1 2017 and the three months ended June 30, 2016 (Q2 2016).\n\nDuring the three months ended June 30, 2017, Acceleware recognized revenue of $312,612 - 24% lower than the $410,318 recognized during the three months ended June 30, 2016. The decrease is a result of lower software and services revenue. Revenue in ...